Shares in M&C Saatchi will resume trading on Monday after the advertising group said it would publish its audited accounts, ending a 10-week suspension from the market.
The return to the stock market follows the departure of three remaining founders after struggling to draw a line under an accounting scandal that was first discovered in the summer of 2019.
Compared with preliminary results published in September, the company said the audited accounts showed “no change” to profit in 2019 or previous years. It said an additional non-cash adjustment of £2.8m was required for 2017 and earlier periods.
Before the publication of the audited accounts, M&C admitted to £25.8m of accounting errors and adjustments, with £14m being direct misstatements of profits before tax. The Financial Conduct Authority is still investigating how the accounting irregularities were disclosed to the market.
Under the management changes, David Kershaw was succeeded as chief executive by Moray MacLennan, who had worked at M&C Saatchi since the company was founded. Gareth Davis, the former Imperial Tobacco chief executive appointed to M&C’s board in January, took over from Jeremy Sinclair as chair.
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